HomeMy WebLinkAboutResolution 496 Refunding Revenue Bonds
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~ RESOLUTION NO. 496
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A RESOLUTION PROVIDING FOR THE REDEMPTION OF
CERTAIN OF THE OUTSTANDING CITY OF WINTER
SPRINGS, FLORIDA IMPROVEMENT REVENUE BONDS,
SERIES 1984, DATED MAY 1, 1984; INSTRUCTING
THE PAYING AGENT TO PAY PRINCIPAL AND INTEREST
ON THE REFUNDED BONDS; PROVIDING FOR PUBLICA-
TION OF A NOTICE OF REDEMPTION; AND PROVIDING
AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER
SPRINGS, FLORIDA:
SECTION 1.
It is hereby found, ascertained, and determined
that:
A. The City of Winter Springs, Florida (the "Issuer") has
heretofore issued its $3,505,000 Improvement Revenue Bonds, Series
1984 dated May 1, 1984 (the "Refunded Bonds").
B. The Issuer has, by resolution adopted on May 17, 1985
(the "Resolution"), authorized the issuance of the $3,785,000 City
of winter Springs, Florida Improvement Refunding Revenue Bonds,
Series 1985 (the "Bonds") the proceeds of which will be used to
refund the Refunded Bonds and to pay certain costs of issuance in
connection therewith. The Resolution provides for the deposit of
funds with Sun Bank, National Association, as Escrow Holder (the
"Escrow Holder") under an Escrow Deposit Agreement, for such
purpose, and provides for the payment of the Refunded Bonds on a
certain redemption date to be herein specified.
SECTION 2. $2,325,000 principal amount of the Refunded Bonds
are hereby irrevocably called for redemption, as a whole, prior to
maturity as of April 1, 1991 (the "Call Date"), at the price of
1 02% of par, together wi th accrued interest thereon to the Call
Date.
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SECTION 3. The Notices of Redemption of the Refunded Bonds
called shall conform in all respects to the provisions of the
resolution of the Issuer adopted February 27, 1979, as amended and
supplemented, including a resolution of the City adopted May 8,
1984 securing the Refunded Bonds and shall be in substantially the
following forms:
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NOTICE OF REDEMPTION
CITY OF WINTER SPRINGS, FLORIDA
IMPROVEMEMENT REVENUE BONDS, SERIES 1984
Dated May 1, 1984
NOTICE IS HEREBY GIVEN, for and on behalf of the City of
Winter Springs, Florida, (the "City") that $2,325,000 principal
amount of the outstanding City of Winter Springs, Florida Improve-
ment Revenue Bonds, Series 1985 dated May 1, 1984, which are
redeemable on April 1,
, at the option of the City, in whole
or in part, and by lot within such maturity, at the price of %
of par and accrued interest to the date of prior maturity or
redemption, will be redeemed on April 1, ____.
Payment of the principal amount of such bonds will be made on
or after such redemption date, upon the presentation of such bonds
at Sun Bank, National Association.
Bonds should be accompanied
by duly executed assignments of transfer powers in blank. Inter-
est maturing on or prior to said redemption date on which such
bonds are called for redemption will be paid in the usual manner.
Interest on such bonds which are called for redemption will cease
to accrue from and after such redemption date.
DATED this
day of
SUN BANK, NATIONAL ASSOCIATION
Escrow Holder
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SECTION 4.
Sun Bank, National Association, as Escrow Holder
is hereby irrevocably instructed and directed not less than fif-
teen (15) days or more than thirty (30) days prior to the Call
Date:
A.
To call for redemption $
principal amount of
Refunded Bonds by mailing by first-class mail (postage prepaid), a
copy of the aforesaid Notice of Redemption to each registered
owner of a Refunded Bond to be redeemed at his address as shown on
the registration books.
B. To perform all other duties required to give adequate
notice of such redemption in accordance with the provisions of the
resolutions referred to in Section 3 hereof securing the Refunded
Bond s .
SECTION 5.
Sun Bank, National Association, as paying agent
of the Refunded Bonds, is hereby authorized and directed (a) to
pay interest as the same becomes due, up to and including the Call
Date, on all Refunded Bonds which are called pursuant to Section 2
hereof, (b) to pay principal and interest as the same becomes due
on all other Refunded Bonds, (c) to pay, on or after the Call
Date, upon the surrender thereof, the Refunded Bonds which are
called pursuant to Section 2 hereof, and (d) to deliver to the
Issuer for disposition all Refunded Bonds so paid.
SECTION 6. This Resolution is adopted for the benefit of the
holders of the Refunded Bonds, and upon issuance of the Bonds
shall constitute a contract between the Issuer and such holders.
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SECTION 7.
This Resolution shall take effect immediately
upon its adoption.
ADOPTED by the City of Winter Springs, Florida this/?~ day
of
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, 1985.
(SEAL)
ATTEST:
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City lerk
Approved as to form and sufficieny:
City Attorney
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